POST-MARKET SUMMARY 13th May 2024
On May 13, both the benchmarks Sensex and Nifty 50 rebounded completely from their early lows, finishing the day in positive territory after experiencing nearly a 1% decline in morning trade. Among the top sectoral gainers, Nifty Pharma surged by 1.8%, followed by Nifty Metal and Realty, which saw gains of 1.3% each. Nifty Bank increased by 0.7%, while Nifty IT edged up by 0.4%. Conversely, Nifty Auto saw a decline of 1.68%, trailed by Nifty PSU Bank and Oil & Gas, which fell by 1.2% and 0.8% respectively.
Investors are anticipating the release of US inflation data and several Federal Reserve speeches scheduled for this week. The upcoming release of one-year inflation expectations, PPI data on Tuesday, and CPI on Wednesday will serve as significant tests for the recent bond rally. Fed speeches are planned throughout the week.
NIFTY: The index opened 28 points lower at 22,027 and made a high of 22,131 before closing at 22,104. Nifty has formed a small bullish candlestick pattern with a long lower shadow on the daily chart, which resembles a Hammer kind of pattern. Its immediate resistance level is now placed at 22,190 while immediate support is at 22,000.
BANK NIFTY: The index opened 32 points lower at 47,389 and closed at 47,754. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,500.
Stocks in Spotlight
▪ Dr Lal Path Labs: Stock surged 6% as the company's upbeat management commentary and a solid earnings performance in the March quarter fanned hopes of a strong turnaround.
▪ ABB India Ltd: Stock surged 11% in today's trade, a record high, after the company's March quarter earnings beat Street expectations.
▪ Bank of India: Stock plunged over 10% after the lender's margins contracted by 23 basis points (bps) year-on-year (YoY) in the March quarter.
Global News
▪ U.S. Treasury yields fell slightly on Monday as investors looked to key inflation data and comments from the Federal Reserve officials slated for the week.
▪ European markets closed mixed on Monday as investors awaited the release of fresh U.S. inflation data.
▪ Asia-Pacific markets were largely lower on Monday as investors assessed China’s stronger-than-expected April inflation data.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.